Got questions and need some advice? Our forums have answers on everything from choosing the right property, to renting and selling. Get information and opinions from others moving house, and from specialists in the industry.

If this is your first visit, be sure to
check out the FAQ by clicking the
link above. You may have to register
before you can post: click the register link above to proceed. To start viewing messages,
select the forum that you want to visit from the selection below.

Egypt - an Investment Dream?

17-03-2007, 10:32 PM

Spain is in a 'period of adjustment', the Bulgarian coast has been done to death, Romania is too risky, Morocco is making good inroads but the best time would have been 2 years ago so where does the astute investor look now? South America is too far away, Florida is a bad move at present and the Far East is - well, too far!

Just five hours from London, with 365 days sunshine each year, zero rainfall, zero purchase tax, zero capital gains and zero inheritance tax lies the Red Sea Resort of Sahl Hasheesh. Thirty two million m2 of gated community with 12kms of private beach and its own coral reef; a worldclass marina, 15 five star hotels, a casino and cinema complex, 500 Designer shops and restaurants, Farmers market, Central Piazza big enough to hold Wembley Stadium an amazing pier and a sunken city for divers? Could this be the next Dubai? With property prices from just 50,000GBP for a 1 bed apartment and rental returns of 15%+ this is definately one to watch. I have invested here and already seen capital growth of 50% in just over a year. Once the banks and financiers get their act together and come up with a good mortgage package prices will take off....

Egypt's actually one place I've been thinking off - I figure you can't get many destinations as in demand as Egypt, but there's always a concern that the Red Sea Riviera just isn't going to deliver quality building for investment. I'm actually hoping to take a look soon enough, though, just to check.

Comment

couldnt that be said in most countrys even european ones, egyptians are a mostly muslim race where tourism buys there daily bread( pardon the pun) , is it not the way of bazaar owners to get as much money as possible from tourists,egypt and egyptians are good people as long as the tourists respect them.

Comment

One great advantage Egypt has over quite a few other places is it's history and sights, the pyramids and so on. Would recommend anyone do their due diligence before taking the leap, be sure before you buy.

Comment

My original investment I was conned out of in 2008 over my 50% share of a 20 apartment project in Hurghada but that is another story. I managed to find a Lawyer through the Property Community Web Site called Ziead Yehia Yehia from Edgebridge Law Firm and an Agent called Peter Mitry from Egypt Real, to help me recoup my investment.

Ziead Yehia Yahia agreed to help me on a now win no fee basis as did Peter Mitry. Ziead Yehia was a hard man to get hold of and months could pass by not being able to contact him by phone, text, email even facebook. After nearly a year Ziead Yehia contacted me saying he had a plan. I was to fly to Hurghada immediately and meet up with a local Lawyer Ibrahim he had instructed to Act on his behalf.

I flew to Hurghada, met Ibrahim who took me to Luxor to get copies of my original contract then back to Hurghada with Peter Mitry from Egypt Real. I gave Ibrahim my POA to act for me. I then flew back to England glad that something was happening.

However, once again Ziead Yehia was impossible to contact. Some months later Ziead Yehia did contact me. Apparently Ibrahim the Lawyer he had instructed used the Power of Attorney had decided to take the apartments for himself and was selling them!

So I was back to square one. Once again Ziead Yehia became impossible to get hold of, Peter Mitry had no idea what was going on and I was totally gobsmacked as Ibrahim was now the third Lawyer in Hurghada to act on their own interests.

After months of emails and unanswered phone calls to Peter Mitry and Ziead Yehia I finally had a response in May 2010. Ziead Yehia had instructed a Lawyer called Ezzat Othman El Sayem who was starting to work for Edgebridge Law Firm to investigate Ibrahim. It was confirmed that Ibrahim had obtained the apartments for himself and I was asked to fly out to Hurghada to give Ezzat POA to recoup my investment.

Ezzat did a great job, contacted the developers, and managed to secure 2 apartments for me from an impossible situation to just cover 75% of my investment and costs. Finally I had found an honest Lawyer…… Or had I?

Read on

In the offices of Egypt Real and Edgebridge Law Firm Hurghada I signed 3 copies of a contract for 2 apartments in June this year with Ezzat El Sayem with Peter Mitry Present. I also handed over £980 to Ezzat El Sayem for what he said “connection of Electricity”. However, despite many emails from myself and other advocates to Peter, Ezzat, Ziead Yehia and the secretary Sam Glover of Edgebridge Law Firm I have still not received a copy of the contract or a reply from anyone from Edgebridge Law Firm.

I am confused, is standard practice for Edgebridge Law Firm and Egypt Real not to supply a copy of a contract or standard practice within the real estate industry in Hurghada. I am further confused as I signed 3 copies both in English and Arabic both on the same page in Peter Mirty’s presence, yet when I asked Peter Mitry for a copy he said it has to be translated into Arabic, mmmm?

I am further confused as I made a point that included in the contract was that the builders were responsible for the finishing of the Stairs and Hall. I even showed it to Peter Mitry and read it out to him. However, 3 weeks after returning to England, Ezzat from Edgebridge Law firm contacted me through Facebook to ask for another £1500 for the finishing of the stairs and Electric from the hall to the apartments. I have researched costing's through property investment forums and I have been told that they have never heard of people being asked to pay for extra’s like the finishing of the stairs and more money for the installation of electric. Has anyone else been asked to pay for these “extra” charges who have bought property in Hurghada?

It appears that the new con in Hurghada is to get prospective buyers to part with their money for extras such as “connection of electric and water”. I have done my research and the maximum it should cost is £100 (Including add on's).

I queried these costs with Peter Mitry both for the £980 cash I paid, for the extra I was being asked for the Stairs and Hall and why I have not received a copy of the contract. However Peter Mitry has not replied to these questions and he has now decided to take a (as I have been told) “side exit” from the agreement we had.

I have posted on the Property Community Web Site forum for advice. Why no contract, Why the charge of £980 for connection of electric and water, Why ask for £1500 for the finishing of the stairs when it is the builders responsibility?

Guess what? The forum is moderated by…. Yes ….. You guessed it…. Peter Mitry from Egypt Real. So anything I posted about Egypt Real, Edgebridge Law Firm, Ezzat or Ziead Yehia gets taken down and I get a nice little “Infraction” for breaking the rules.

I did however, have a long conversation with a couple who have been in Hurghada for 6 years and were there when Peter Mitry and Nick Pendrell started Egypt real. It is apparent that the money I was being asked to pay for Electric, stairs etc etc is typical and just a con to squeeze as much money out of people as they can. He also told me about other people who have lost money through them but I can’t comment on second hand information. However the general conversation was these people can not be trusted. Hey I have no contract, tell me about it.

I still have not heard from Peter Mitry, Ziead Yehia, Ezzat Othman El Sayem, Sam Glover or Edgebridge Law firm. I did email Sam Glover of Edgebridge Law firm for a breakdown of costs and / or an explanation. She said she would investigate but I have not heard from her since either!

My position is now Ezzat is asking for £1200 for registration fee’s. Come on is there anyone who is going to pay £1200 registration fee’s when they have no contract?

I would appreciate any advice if anyone knows anything about property in Hurghada, as I am reluctant to do anything without a copy of a contract.

If not then let this be a warning to anyone researching trusted companies to use if you are thinking of investing in Hurghada.

Comment

I am so so sorry for the amount of trouble you have went through, and there probably is no satisfactory end in sight for you. I hope this message doesn't get taken down because it does appear to be factual and informative. I was having a look there to see what solicitors we used but can't seem to find them at the minute. We bought an apartment at Zafarana which is due for completion by July next year, has been delayed quite badly mainly due to the Egyptian builders, but I do think we will come out of it ok. I'll have another look to see what I can find on the lawyer we used.

Comment

I see Peter Mitry of Egypt Real has disappeared from this forum. He is Chameleon that will change with the wind! Do not trust this guy!
I have received the contracts for one apartment from Zeiad Yehia, Edgebridge Law Firm. I was told I will receive the contracts for the other apartment in July. The apartments are unfinished. We had a no win no fee agreement but Zeiad waved all fees considering the trouble I have had. Unfortunately the contracts do not cover any part of the terms and conditions of finishing the Communal areas, Hall stairs and landings. I have contacted numerous agents and developers in Hurghada. Without any Due Diligence, terms and conditions, over the stairs and landing, I stand no chance of selling the apartments.

I have asked the questions to Zeiad Yehia and Edgebridge Law Firm; why was I not told about these problems upon signing the contracts? Is it reasonable for any Lawyer to be aware of these simple terms that would normally be a matter of routine in any contract? I specifically asked for this to be taken into account in the contract as I envisaged these problems. I have detailed my complaints in a long reply to Edgebridge Law Firm. Still no reply? Edgebridge Law Firm and Zeiad Yehia are refusing to communicate and they have a signed verified contract for an apartment in my name. I am now left alone again to wonder.
Just an update. It has been eight weeks now and not a word from Zeiad Yehia or Edgebridge Law Firm. It is so frustrating. He is supposed to be a professional lawyer yet Zeiad Yehia and Edgebridge Law Firm still do not respond to any communications. They have a verified contract for an apartment of mine that I paid £980 towards Electricity and Water to Ezzat El Sayem of EdgeBridge Law Firm. Ezzat has sent me personal threatening emails of violence. I was assured by Zeiad Yehia of Edgebridge Law Firm that he no longer works for them yet he still features on Edgebridge Law Firms web site. So Zeiad Yehia and Edgebridge Law Firm have a contract of mine yet I have no communication and no way to find out what is going on. They know I do not have the funds for another Lawyer (I have had 4 in Hurghada already)! If anyone knows Zeiad Yehia or Edgebridge Law Firm can they have a professional word on my behalf?

Comment

Important notice: reallymoving does not provide professional advice on any aspect of buying, selling, developing or investing property. All posts are provided as lay opinions and not personal professional guidance. You should always seek a qualified professional for professional advice in relation to your personal circumstances. The reallymoving forums are not monitored, and the site administrators cannot be held liable for the content of the forum. If you have any objection to any post on the forums, please either use the Report Post feature, or else Contact Us to ensure such content is properly dealt with. We are not responsible for third party links on the site.